Cardano (ADA) Price Analysis: Gaining Momentum, Could Break $0.112

[sneakyboi]

Cardano (ADA) Price Analysis: Gaining Momentum, Could Break $0.112

Cardano price remained well bid above the $0.0980 support zone and it climbed higher against the US Dollar. The ADA/USD pair formed a support base above $0.1000 and recently traded above $0.1020.

There was a break above the 50% Fib retracement level of the recent decline from the $0.1082 high to $0.0986 swing low. Moreover, there was a break above a major bearish trend line with resistance near $0.1050 on the 4-hours chart.



The chart indicates that ADA price is showing positive signs above the $0.1050 support and the 55 SMA. Overall, the price is likely to continue higher above the $0.1100 and $0.1120 resistance levels in the near term.

Learn more about the analysis here.